Global CO2 capture capacity is on track to double to over 100 million tonnes per year (Mtpa) of CO2, once facilities currently under construction commence operation, according to the “Global Status of CCS 2024” report, produced by not-for-profit think tank group the Global CCS Institute, which has a brief to accelerate deployment.
The past 12 months has also seen a 60% surge in the number of CCS projects in the development pipeline.
Significant year-on-year momentum is building for CCS projects, say the authors. Report findings show strong growth in CCS projects across all stages of development, with a total of 628 projects in the pipeline, an increase of 236 projects compared to the previous year. The cumulative CO2 capture capacity for these projects is now 416 Mtpa, representing a seven-year CAGR of 32%.
Facilities currently in operation are believed to have a capacity to capture and store 51 Mtpa of CO2. This figure is on track to double to over 100 Mtpa once facilities currently under construction commence operation.
Mr Jarad Daniels, CEO of the Global CCS Institute, expressed enthusiasm for the global momentum and progress of CCS saying:
“The CCS industry is rapidly maturing and evolving, catalysed by global collaboration, sustained government policy support, and industry action built on decades of shared learnings. This is testament to the urgency with which governments and industries are seeking to address climate change, while continuing to supply the world’s growing population with necessary energy services and commodities.”
Regionally, key highlights from the report included:
- The Americas continue to lead the world in CCS facility deployment, catalysed by sustained policy support and funding incentives: 27 projects are in operation, and 18 are commencing construction across the US, Brazil and Canada.
- Across Asia, storage hubs and cross-border CCS projects are a major focus and dominant trend, as nations with limited geological storage resources explore opportunities with nations that have large storage resources, to store their CO2.
- In China, Carbon Capture Utilisation and Storage (CCUS) forges ahead, spurred by climate policy progress, CCUS project deployment, and increased international collaboration.
- Across Europe and the UK, decarbonisation policies and anticipation of a robust CCS market are driving new projects: 191 projects are at various stages of development in the region, including five in operation and 10 in construction.
- Across the Middle East and Africa (MEA), CCS project development has evolved from application in enhanced oil recovery to a focus on industrial decarbonisation and low-carbon fuel development.
As progress continues at pace globally, the business case for CCS is being bolstered with the evolution of new carbon management business models and strong interest in CCS hubs and networks.
The 2024 status report notes 222 transport and storage projects, which currently do not include an associated capture facility. This number has more than doubled over 12 months. This underscores the predominance of new carbon management business models and the anticipated market for these services.
“Mitigating climate change will require massive infrastructure investments, including new transmission grids for low-carbon electricity generation, as well as pipelines and shipping for both CO₂ and low-carbon energy carriers such as hydrogen in various forms. Carbon management hubs and networks can help bring economies of scale to this required new infrastructure,” said CEO, Jarad Daniels.
Against the backdrop of exponential growth in CCS projects, ongoing regional progress and the emergence of new carbon management business models, the 2024 status report calls on all stakeholders to maintain the momentum.
Mr Daniels concludes by saying: “We are calling on government, industry, communities and all who share our common goal of reaching net-zero as quickly as possible, to work together to continue and improve on our collaborative efforts. Collaboration over decades has taken CCS from early research to where we are today. Although we still face challenges, I am immensely optimistic that these will be overcome by continuing to build and grow key partnerships.”
